Member Info for SteveV

It all about production numbers now.

If Octobers production isn't up I'll be very disappointed.

The rerate starts next week......I hope !!

Rodney, I am more cautious about new CEO's to be honest. They often have no skin in the game and are often brought in

after previous management failures to turn things around, but that usually involves refinancing at the expense of long term private investors.

Time will tell. However I am cautiously optimistic that things will come good for COPL

Time will tell. But having said that I do think the sp is so low it should be up from here.. Fingers crossed.

Rodney, I don't think Anavio have the slightest interest in taking over COPL.

The last funding was a placement to Anavio which they immediately sold on to a third party.

Kind of depends on the sp at the time Finwittrader.

If it surges on a JV deal the bondholders might prefer to convert and sell at a higher sp than 2.6p

Lets' say JV is announced with a large lump sum. Sp surges to 10p.(for example). COPL inform the bondholders they want to buy bonds back. Bondholders think, hold on we should rather convert and sell at a much higher price than 2.6p

They can sell all the way down to 2.6p(and a bit lower) for a huge profit.

COPL ideally should then hold fire and wait until that plays out, price drops to circa 2.6p(or lower) and THEN starting buying shares on the open market. Thus, effectively buying back all the diluting shares.

Who knows how this will all play out. Probably why the current sp is on it's knees!

It's quite tricky to figure out, but I think $500,000 buys us approx. double the amount of NGL we pumped into

the field in Sept.

6 Sept:

"Anavio and the Company have agreed to discuss a possible reduction of the quantum of payment of any "Make Whole Amount" under the terms and conditions of each of its 2027 Bonds and 2028 Bonds (each as defined below), provided a satisfactory Joint Venture is entered into by the Company, hence reducing potential dilution."

I read this as Anavio being agreeable for COPL to redeem the bonds. (if we get the JV.)

Easy, have you got an idea of how much NGL $500,000 buys us, AND how that volume compares to what we pumped in Aug, Sept. ?

If COPL do negotiate a decent lump sum from the JV and/or an RBL they clearly become in a much stronger position.

Sure, buy back all the bonds if possible. Or negotiate some arrangement with Anavio

HOWEVER, Alternatively COPL could simply start buying shares at whatever price bondholders are selling at if they convert.

From the BP article

" By pursuing joint ventures, BP can achieve growth ambitions while avoiding spending billions on acquisitions. However, agreeing on the value of the combined assets and how to divide the venture's ownership are among the hurdles BP would have to clear with potential partners, the sources said. "

Negotiations obviously take time especially when agreeing the value of assets.

Our new CEO:

"I am committed to delivering on the potential of our increasingly well invested assets. It is my simple aim to drive maximum value from them, whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership."

Be very interesting to see who the new guy is tomorrow.

If he/she has any affiliation to any of the touted JV partners we might see a BIG sp reaction

I am very confident that we can at least get back to previous highs with the increased gas injection.

We don't know how long it will take or what figure we might achieve. I think 62,400 was a monthly high with the low pressure pipework. I am optimistic we can get somewhere near 3000bopd eventually.

With the new regime of cost control that makes us a highly profitable stable production company.

(That is the bread and butter, with the jam being the JV and horizontal drilling in the Cole Creek to come?)

On 6th Oct we were told.

"This financing package is designed to ensure the Company is fully financed through Q1-2024, at current production levels of approximately 1,200 bbl/d"

I don't suppose the gas injection was started then. If fact may not have started until we got the finance confirmed on 13th Oct. I am hoping/expecting 1400bopd for Oct. 1700bopd for Nov, and 2000bopd for Dec.

That would be a massive step forward and vindicate the plan as set out. BUT there is still plenty of time to get to 2000bopd. We ARE fully funded for Q1 2024 on 1200bopd. If we can get to 2000 by Xmas we are well ahead of the game.

Duster, what "formal number"?

It's a great time for the new director to arrive.

"COPL will shortly appoint a new director, who is expected to focus on production increase and operating costs control"

He can hit the ground running with that process already under way.

I expect September fiqures to be around 1200bopd.

"The company plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection

The company expects to see initial results from the higher density NGL's before the end of November 2023."

Clearly being rather cautious with promises, BUT I'd rather see the BOD under promise and over deliver.

Time will tell if we can trust the new lot.

Yes, I would have thought COPL must be over paying the bill to compensate for the difference between 2.6p and the current SP.

Be interesting to see if we get a dip in sp as an indicator of whether said creditor immediately offloads their shares.

Well they are only trying to do so if the asset is MASSIVE.

Keep buying !

Yes. We know Arthur said of the JV. "I know them, they know me"

Did Exxon give Arthur the nod to go after Cole Creek. Now he has confirmed huge amounts of OIP Exxon want back in.

The wells were abandoned previously as there were easier prospects, BUT now we have the modern technology to extract it.

"As President of COPLA, he will be well positioned to continue to add value and success to COPL, where his strengths in upstream hydrocarbon exploration and development will focus on completing the Joint Venture discussions. "

It's fairly simple now.

Finances sorted. Just waiting on news of steady increases in output to profitability.

AND a transformative good deal with the JV.

Will our new CEO deliver the former and our former CEO deliver the latter !?

Most analysts are predicting oil prices to remain high in 2024.

WTI futures are well above £80 well into next year

Goldman Sachs are predicting £100 for Brent crude in 2024

https://markets.businessinsider.com/news/commodities/oil-prices-outlook-brent-wti-rally-supply-shortage-goldman-sachs-2023-9

He's a geologist with decades of experience in the oil business sniffing out good prospects.

That is a VERY valuable asset.

Art is much more in his element there rather than the day to day stuff of being a CEO.